UPDATE: Citi Downgrades Broadcom Citing Risk

In a report published on Wednesday, Citi analyst Glen Yeung downgraded Broadcom BRCM from Buy to Neutral.

In the report, Citi noted, "We are downgrading shares of Broadcom from Buy to Neutral, reflecting our concerns that multiples are likely to be capped as decelerating smartphone industry growth and increasing connectivity competition hamper revenues".

Broadcom closed on Tuesday at $31.83.